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Tierney Company begins operations on April 1
Tierney Company begins operations on April 1. Information from job cost sheets shows the following Manufacturing Costs Assigned Job Month Number April May June Completed 10 $6,700 $5,700 May 11 4,300 4,900 $3,200 June 12 1.700 April 13 5,800 4,700 June 14 6,100 4.300 Not complete Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
(a) What is the balance in Work in Process Inventory at the end of each month? Work in Process Inventory $ April 30 May 31 $ June 30 $ Tuteland Mndin
Expert Solution
Solution
| Work in process Inventory | |
| 30-Apr | $ 11,000 |
| 31-May | $ 21,100 |
| 30-Jun | $ 10,400 |
Working
| Work in process Inventory | |
| 30-Apr | Only Job 10 and 11 are in process in april. The cost of april will be in WIP (6700+4300) |
| 31-May | Job 11, 13 and 14 are in WIP on May 31. Cost till may will be in WIP (4300+4900+5800+6100) |
| 30-Jun | Only job 14 is in process at June 30. (6100+4300) |
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